2016 3RD QUARTER STATS
LAS VEGAS NEW HOMES
There were 878 new home sales recorded for September. Year to year that is a 14% increase.
The new home market has been depressed since 2009 – the year of The Great Recession. The trend is finally moving in the right direction.
Through September, year to date new home sales count is 5,642.
The median price is $322,768 which is a modest increase since January 2015 when the median price was $318,190.
This chart provided by Dennis Smith of Home Builders Research Inc.
Through September 2016 – 6,765 BUILDER PERMITS were pulled.
Permits pulled by the top builders for 2016.
DR Horton - 869
KB Home - 829
Richmond American - 653
Lennar - 600
CalAtlantic Homes - 574
Pulte/Del Webb - 508
Pardee Homes - 451
Century Communities - 409
American West - 316
Toll Brothers - 278
Southern Highlands planned community is selling the most luxury homes. Currently there is a demand for new luxury homes.
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LAS VEGAS RESALES
More Good News!
Resale closings are up 6.2% year to year. 35,359 resale homes were sold from January through September.
The median closing price is $205,888.
Last September (2015) the median closing price was $193,123. That is a modest 6% increase which is quite “normal”.
However, the market share of condo closings has not proven this
theory to be true. In January 2016, the share of condo resales was 17.2 percent. In June it was 14.9 percent, and in September there were 631 closings, which was a share of 16 percent.
LAS VEGAS RESALE CONDOS
Condo sales have been consistent this year.
The median condo price hoovers around $110,000.
LAS VEGAS INVENTORY
The inventory of available listings is down from the average of 14,272 to 9,947.
According to Residential Resources, our inventory remains tight with a 3 month supply of available resale listings.
It’s been at 3 – 3.1 months during 2016. The supply of existing homes doesn’t appear like it will change much.
The larger investors are no longer buying homes in Las Vegas. The smaller investors are still buying distressed homes as they come on the market. Rents are rising slowly and that trend will continue. The larger investors who bought homes during “The Great Recession” are not selling. The rental market continues to be healthy. Property Managers are seeing a larger percentage of renters moving here from out of state. Why? Jobs & Retirement!
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